Bluefront Launches New Seafood Fund with USD 50 Million

Bluefront Equity, a Norwegian seafood investment firm, has initiated its second investment fund, Bluefront Capital II, securing an initial USD 50 million. The fund focuses on enhancing sustainability in the seafood value chain, investing in technologies, products, and services that aim to improve fish welfare and ocean health.

Cambridge Associates, a global investment firm managing assets worth USD 569 billion, has completed an extensive due diligence on the new fund. Bluefront-partner Simen Landmark highlighted the rigor of Cambridge Associates’ review process and expressed pride in meeting their stringent criteria. He emphasized that Bluefront’s dedication to sustainable seafood investment aligns well with the EU’s taxonomy guidelines for sustainability, resonating with Cambridge Associates’ investment ethos.

The investment interest in Bluefront Capital II is significant, with major investors from the firm’s inaugural fund, Bluefront Capital I, also committing to the new fund. Notable repeat investors include Havfonn, the Steensland group, 3S Invest, Klaveness Marine, TD Veen, Cubera, and others. “The fact that the largest investors from our first fund choose to invest in the second fund too, is a strong confirmation of the healthy development our first fund has seen,” Landmark added.

Bluefront Capital I, which owns a majority stake in several companies focused on improving the sustainability of the seafood industry, such as Bio Marine and Seaqloud, has made significant strides in addressing industry challenges. According to Kjetil Haga, another partner at Bluefront, there is a need for the fish farming industry to enhance biological conditions and reduce its climate impact, areas in which their portfolio companies are actively contributing.

Bluefront has already begun deploying the capital from Bluefront Capital II and is engaged in multiple due diligence processes, with an acquisition expected before the summer holidays. The firm maintains a strategy of co-ownership and collaboration with company founders and shareholders to drive development.

The investment team, along with industry advisors who bring extensive seafood industry experience, supports the portfolio companies. This advisory group includes notable figures such as Alf-Helge Aarskog, former CEO of Mowi; Jan Sverre Røsstad, former EVP of BioMar; Jennifer Lee Koss, founding partner of venture fund Springbank; and Arne Trondsen, partner at HitecVision.